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2001 (9) TMI 13 - GUJARAT HIGH COURTPenalty for Failure To Furnish Returns - "(i) Whether, the Tribunal has been right in law in confirming the view taken by the Appellate Assistant Commissioner in deleting the penalty imposed by the Income-tax Officer under section 271(1)(a) of the Income-tax Act, 1961? - (ii) Whether the finding of the Tribunal that on completion of assessment in the status of a registered firm the assessee was entitled to a refund and hence no penalty was leviable, is correct in law? - (iii) Whether the Tribunal was right in law in distinguishing the judgment in the case of CIT v. R. Ochhavlal and Co. wherein it was clearly held that when a registered firm commits a default, the provisions of section 271(2) of the Income-tax Act, 1961, would come into play? - (iv) Whether, on the facts and circumstances of the case, justified deletion of the penalty imposed by the Income-tax Officer under section 271(1)(a) of the Income-tax Act, 1961?" - Questions Nos. 1 and 4 are, therefore, answered in the affirmative, i.e., in favour of the assessee and against the Revenue.
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